A brand-new fintech company which I was presented to previously this year. Can I Use My Currensea Card In Thailand…
It has won a few awards over current months for what it does (providing you a low-cost method to spend abroad) however what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your existing account– just without the usual 3% cost.
Oh, and is free to request, which likewise assists.
There are also some interesting travel benefits if you pick a paid plan, but the totally free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
add more and more functions which your existing consumers don’t actually desire or need
add charges, costs or restrictions to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are currently in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can I Use My Currensea Card In Thailand
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a very little FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a really basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank automatically confirms that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated invest notice via the app, if you select to install it.
The cash is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (often in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees big cost savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: links to your existing high street checking account.
What this indicates is you can spend money you have in your existing bank account with less fret about running out of money and the additional action. However that does not mean it is best.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make profits from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, full details can be found on our rates plans.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost likewise eliminates all FX markup on deals.
Every time you invest with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Can I Use My Currensea Card In Thailand